Vista Mortgage Group Blog

With the growing attention on the "Subprime" market and increasing home foreclosures; many lenders are completely dropping their higher risk loan programs (Zero Down, "Stated Income", Option Arms, etc.) and tightening their guidelines for qualifying on the programs that they are keeping (requiring higher credit scores and offering lower Loan-to-Value limits).

This is going to make it much more difficult to obtain financing; if you are not a "conventional" borrower, if you have credit challenges, if you don't have some Down Payment (or equity remaining in the home, if you are doing a refinance) or if you don't have a 2-year work history in the same type of work.  It will also become much more difficult for you to take "cash out" of your home's equity!

Since it will be more difficult to qualify for a home loan; it will become even more important for you to have strong credit scores (680+....700+ is best).  Start working on improving your credit before you need to apply for your next loan!  Your Loan Officer is a tremendous resource for helping you to create a plan for getting your credit in the best possible shape.

Contact one of our experienced professionals to get tips on improving your credit scores through responsible credit management and what factors have the greatest impact on your scores.

Heidi Hahn-Troxler, Broker / Owner